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Reuters: Exxon, Shell to sell 18% stake in Nova Scotia’s Panuke project

Jun 27, 2007

CALGARY–Exxon Mobil Corp. and Royal Dutch Shell PLC want to sell their combined 18 per cent stake in the proposed $700 million Deep Panuke gas project off Nova Scotia’s Atlantic Coast, the broker handling the auction said yesterday.

Bids on Exxon Mobil’s 12 per cent and Shell’s 6 per cent of the long-delayed development are due Aug. 8, IndigoPool, the Houston-based acquisition and divestiture service, said in an email message.

EnCana Corp. is the operator of Deep Panuke, with a 78 per cent interest. It restarted efforts to develop it last year after halting its application in 2003 over high costs.

A regulatory decision for the field, which would produce 300 million cubic feet a day by 2010, is expected over the next few months.

Located 250 kilometres southeast of Halifax, it would be the region’s second gas producing development after the Sable project, which started up in 1999.

Exxon Mobil and Shell are partners in Sable and have been in talks with EnCana over the possibility of providing gas transport to shore.

Reuters news agency

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